I've tried finding the potential energy by using PE = mgh then using PE = 1/2kx^2 to find k and setting PE = KE to find PE using velocity but neither is correct when finding the spring constant. I don't know if I have to take in account circular motion but none of the equations that I know are helping.
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You can use conversation of energy to find $k$ since the potential energy lost will be converted to kinetic energy and the potential energy stored in the spring.
$\frac{1}{2}mv^2 + \frac{1}{2}kx^2 = mgh$
Here $h$ = $2$m and $x=0.5$m